Pines Senior Living Divests to an Investor in East Texas
Amy Sitzman and Giancarlo Riso of Blueprint facilitated the sale of an East Texas assisted living community, marking Blueprint’s 12th and final Texas closing of 2024. The seller was Pines Senior Living. A purchase agreement was signed just five days after LOI execution, and closing occurred on December 30th, 40 days after LOI execution. Built in 1996, the community features 30 units. Pines invested $600,000 in renovations between 2022 and 2023 to modernize the common areas, add updated amenities, fully renovate resident units and enhance the community’s exterior. Operations turned around, and a focus on strong programs and clinical care revenues increased the value. And as a result... Read More »
Ziegler Secures Two Financings
Ziegler announced the closing of Masonicare’s Series 2024 Taxable Loan totaling $17 million for the Senior Living Finance Practice. The loan closed December 16, 2024. Masonicare finalized an affiliation with United Methodist Homes (of Connecticut), which owns/operates five communities in Connecticut and owns The Long Hill Company, which has current operations in Texas, Oklahoma and Oregon. Together, UMH and Long Hill care for approximately 2,000 residents. The combined organization will feature over 4,000 owned and managed units, which would make it one of the largest not-for-profit senior living providers in the Northeast region. Masonicare entered into a purchase and sale agreement... Read More »
Berkadia’s Recent Transaction Activity
Berkadia announced the financing of four seniors housing communities totaling $29.9 million in Mississippi, Florida and Indiana, with all the deals closing since November. Berkadia also announced the sale of two seniors housing communities. In November, Steve Muth and Andrew Lanzaro leveraged HUD’s 232/223(f) program to close two loans totaling $8.9 million for a first time HUD borrower. The loan proceeds retired maturing bank debt on two Mississippi communities: a 40-unit assisted living community and a 47-unit assisted living and memory care community. At underwriting, one community was fully occupied, while the other had an occupancy rate of 86%. Both properties are located in... Read More »
Blueprint’s Q4 Closings
Blueprint announced a couple of its Q4 closings. In one, a not-for-profit organization took over a seniors housing community in the Hartford, Connecticut MSA, from a publicly traded REIT. The buyer appears to be Masonicare, which announced its acquisition of Atria Greenridge Place in the town of Rocky Hill. Built in 1998, the 108-unit assisted living/memory care community now operates as Masonicare at Greenridge Place. Historically, it was well occupied and boasted strong cash flow, but there was near-immediate upside through strategic capital investment and marketing. The listing received five or six offers, including from private equity firms and a publicly traded company, before... Read More »
Allaire Healthcare Acquires PA CCRC
A majority-skilled nursing CCRC in Coal Township, Pennsylvania, was sold by a private PA-based owner divesting his last owned building. Toby Siefert of Senior Living Investment Brokerage handled the transaction, which saw Allaire Healthcare, a New Jersey-based owner/operator with a strong presence in eastern Pennsylvania, emerge as the buyer. Built in the 1970s, Mountain View featured 271 skilled nursing beds and eight independent living units, enough to qualify for a CCRC license. It was occupied in the 60s and operated at a significant loss. The offering was originally marketed in the winter of 2022 but took multiple years to structure the HUD TPA, CCRC licensure, and working with two... Read More »Schedule a demo
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